The purpose of this paper is to observe the nature of the relationship between the Australian and New Zealand higher education systems on the one hand and the Chinese student market on the other. There is a significant difference in the nature of the flows of Chinese and other international students to Australia and New Zealand, which is largely due to differences in visa regulations and the relative attractiveness of Australian and New Zealand universities. New Zealand’s over dependence on the Chinese market is one that leaves the industry vulnerable in the near future.